<SEC-DOCUMENT>0001145443-12-000808.txt : 20120612
<SEC-HEADER>0001145443-12-000808.hdr.sgml : 20120612
<ACCEPTANCE-DATETIME>20120612125638
ACCESSION NUMBER:		0001145443-12-000808
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120605
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20120612
DATE AS OF CHANGE:		20120612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COPART INC
		CENTRAL INDEX KEY:			0000900075
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				942867490
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23255
		FILM NUMBER:		12902418

	BUSINESS ADDRESS:	
		STREET 1:		4665 BUSINESS CENTER DRIVE
		CITY:			FAIRFIELD
		STATE:			CA
		ZIP:			94534
		BUSINESS PHONE:		7076395000

	MAIL ADDRESS:	
		STREET 1:		4665 BUSINESS CENTER DRIVE
		CITY:			FAIRFIELD
		STATE:			CA
		ZIP:			94534
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d29536.htm
<DESCRIPTION>8-K
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<META NAME="author" CONTENT="Anne McCarthy">
<META NAME="date" CONTENT="06/12/2012">
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<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; font-size:10pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; font-size:10pt" align=center><U>__________________</U></P>
<P style="line-height:16pt; margin-top:0px; margin-bottom:18.667px; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; font-size:10pt" align=center><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-15.333px; padding-left:318px; padding-right:-52.8px; text-indent:-318px; font-size:10pt">Date of
Report (Date of earliest event reported): </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; padding-left:280px; padding-right:-52.8px; font-size:10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;June 5 , 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; padding-left:-6px; padding-right:18px; padding-bottom:4px; font-size:10pt; border-bottom:1px solid #000000" align=center><B>COPART, INC.</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; font-size:10pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD></TD><TD width=50></TD><TD></TD><TD width=50></TD><TD></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>Delaware</P>
</TD><TD width=50>&nbsp;</TD><TD style="border-bottom:1px solid #000000" valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>0-23255</P>
</TD><TD width=50>&nbsp;</TD><TD style="border-bottom:1px solid #000000" valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>94-2867490</P>
</TD></TR>
<TR><TD valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>(State or other jurisdiction of <BR>
incorporation)</P>
</TD><TD width=50>&nbsp;</TD><TD valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>(Commission File <BR>
Number)</P>
</TD><TD width=50>&nbsp;</TD><TD valign=top><P style="line-height:12pt; margin:0px; font-size:10pt" align=center>(IRS Employer <BR>
Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center>4665 Business Center Drive</P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfield, California &nbsp;94534&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center>(Address of principal executive offices) (Zip Code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-17.333px; font-size:10pt">Registrant&#146;s telephone number, including area code: </P>
<P style="line-height:12pt; margin:0px; text-indent:306px; font-size:10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;(707) 639-5000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:12pt; margin:0px; padding-left:-6px; padding-right:18px; padding-bottom:4px; font-size:10pt; border-bottom:1px solid #000000" align=center>N/A</P>
<P style="line-height:12pt; margin:0px; padding-right:20.8px; font-size:10pt" align=center>(Former name or former address, if changed since last report.)</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin:6.133px"><BR></P>
<P style="line-height:12pt; margin-top:6.133px; margin-bottom:6.133px; font-size:10pt">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style="line-height:12pt; margin-top:6.133px; margin-bottom:14.667px; padding-left:19.2px; text-indent:-19.2px; font-size:10pt">[ &nbsp;] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="line-height:12pt; margin-top:6.133px; margin-bottom:14.667px; padding-left:19.2px; text-indent:-19.2px; font-size:10pt">[ &nbsp;] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="line-height:12pt; margin-top:6.133px; margin-bottom:14.667px; padding-left:19.2px; text-indent:-19.2px; font-size:10pt">[ &nbsp;] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="line-height:12pt; margin-top:6.133px; margin-bottom:0px; padding-left:19.2px; text-indent:-19.2px; font-size:10pt">[ &nbsp;] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR>
<BR></P>
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<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-96px; font-size:10pt"><B>Item
5.02</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; font-size:10pt"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:7.333px; padding-left:24px; font-size:10pt">&nbsp;(d)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:7.333px; padding-left:24px; font-size:10pt"><I>Appointment of New Director</I></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:7.333px; text-indent:48px; font-size:10pt">On June 5, 2012, the Board of Directors (the
&#147;Board&#148;) of Copart, Inc. (the &#147;Company&#148;) increased the size of the Board from seven members to eight members, and unanimously elected Thomas
N. Tryforos to fill the vacancy created thereby, effective immediately, until the next annual meeting of the Company&#146;s stockholders, or until his successor
is elected and qualified or his earlier resignation or removal. &nbsp;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:7.333px; text-indent:48px; font-size:10pt">Mr. Tryforos has not been named to serve on any committee
of the Board at this time. </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:7.333px; text-indent:48px; font-size:10pt">There was no understanding or arrangement between Mr.
Tryforos and any other person pursuant to which Mr. Tryforos was appointed.</P>
<P style="line-height:12pt; margin:0px; text-indent:48px; font-size:10pt">Mr. Tryforos, age 53, is a private investor. &nbsp;Mr. Tryforos also serves as a
director of Credit Acceptance Corporation, a publicly-traded indirect auto finance company. &nbsp;</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">Mr. Tryforos has been provided an indemnification
agreement and will receive compensation in accordance with the Company&#146;s standard arrangements for non-employee directors as disclosed herein in the
section entitled &#147;Non-Employee Director Compensation Policy,&#148; as such arrangements may be amended from time to time.</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">Mr. Tryforos is not a party to any transaction, or series
of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K.</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt"><I>Non-Employee Director Compensation Policy</I></P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">As disclosed in the section entitled &#147;Compensation of
Non-Employee Directors&#148; that begins on page 14 of the Company&#146;s proxy statement that was filed with the Securities and Exchange Commission on December
14, 2011 (the &#147;Proxy Statement&#148;), each non-employee director receives an annual director&#146;s fee of $50,000, payable in quarterly installments.
&nbsp;Steven D. Cohan, who serves as chairman of the Company&#146;s audit committee, receives an additional annual fee of $10,000, payable in quarterly
installments. &nbsp;On June 5, 2012, the Board revised the non-employee director compensation policy to increase the annual director&#146;s fee for non-employee
directors to $70,000, payable in quarterly installments. &nbsp;Mr. Cohan will continue to receive an additional annual fee of $10,000, payable in quarterly
installments. &nbsp;</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">In addition, as disclosed in the Proxy Statement, each
non-employee director is eligible to receive an annual option grant of 20,000 shares under the Company&#146;s 2007 Equity Incentive Plan, which grant generally
takes place immediately following the annual meeting of stockholders each year. &nbsp;Newly appointed non-employee directors are awarded an initial grant of
20,000 shares at the time of appointment and are not eligible for an additional grant until the fiscal year following their appointment. &nbsp;Each annual
option grant and each initial grant is subject to the following vesting schedule: &nbsp;fifty percent (50%) of the shares subject to each option vest twelve
(12) months from the date of grant with the remaining shares vesting 1/24th each month thereafter, such that the options will be fully vested two years from the
date of grant. &nbsp;Vesting of the options may accelerate if any successor corporation does not assume the options in the event of a change in control.
&nbsp;As a result of the stock split, effected in the form of a stock dividend, that was consummated at the close of trading on March 28, 2012, the Board
revised the non-employee director compensation policy to increase each of the annual option grant and the initial grant to 40,000 shares under the
Company&#146;s 2007 Equity Incentive Plan. &nbsp;All other terms of the annual option grants and initial grants remain the same.</P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR>
<BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center>-2-</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:16px; margin-bottom:0px"><BR></P>
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<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">The non-employee directors are
eligible for reimbursement of reasonable and necessary expenses incurred in connection with their attendance at board and committee meetings.</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">As disclosed in the section entitled &#147;Appointment of
New Director&#148; above and in connection with his appointment to the Board, Mr. Tryforos, as a non-employee director, will receive compensation in accordance
with the terms and conditions set forth in this section, as may be amended from time to time.</P>
<P style="margin-top:16px; margin-bottom:0px" align=center><BR>
<BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center>-3-</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:12px; margin-bottom:0px; text-indent:48px; font-size:10pt" align=center><B>SIGNATURES</B></P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:-17.333px; font-size:10pt">Dated: June 12, 2012</P>
<P style="line-height:12pt; margin:0px; text-indent:336px; font-size:10pt"><B>COPART, INC.</B></P>
<P style="line-height:12pt; margin-top:14.667px; margin-bottom:-17.333px; text-indent:336px; font-size:10pt">By:</P>
<P style="line-height:12pt; margin:0px; text-indent:364.8px; font-size:10pt"><U>/s/ Paul A. Styer</U></P>
<P style="line-height:12pt; margin:0px; text-indent:364.8px; font-size:10pt">Paul A. Styer</P>
<P style="line-height:12pt; margin:0px; text-indent:364.8px; font-size:10pt">Senior Vice President, General Counsel</P>
<P style="line-height:12pt; margin:0px; text-indent:364.8px; font-size:10pt">and Secretary</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center>-4-</P>
<P style="margin:0px"><BR></P>
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